Integrating an AP payables management solution for SAP helps optimize workflows, save time and money, and provide the transparency and control needed for the payables management process (AP). However, not all integration solutions or vendors are the same. To get the most out of SAP integration for accounts payable management, you need an integrated AP solution that offers the following advantages:
- Simple, flexible and easy to use.
- Easily integrate SAP without changing existing processes or business workflows on SAP.
- Simplify navigation and information flow to expedite accounts payable reporting and processing.
- Integrating a payables management solution can streamline processes, provide real-time data transparency and control, expedite approvals, and simplify cross-border communication and collaboration. throughout the entire process from shopping to payment.
In this article, we'll explore how integrating SAP S/4HANA with an AP payables management solution can benefit your business and why Bizzi is the leading solution for IT systems. your ERP system.
The challenge of the AP accounts payable department
Payables management (Accounts Payable – AP) is gradually becoming more important from just a department that handles the necessary work of accounting and finance to an important strategic resource for the business. At the same time, AP departments are facing increasing pressure to improve efficiency and reduce costs.
Recently, in the US, a company conducted a survey with 254 CFOs about the main challenges their AP department is facing. Here are some results:
- 76% leaders predict the workload in their AP department will increase each year.
- Among leaders who expect AP workloads to increase, 41% said they also expect the department's strategic role to increase as well.
- 71% leaders predict an increase in the number of invoices their AP department must process.
- 55% indicates that the complexity of invoice processing will increase.
To meet this challenge, CFOs need an accounts payable solution that optimizes their existing processes and provides the data and information needed to make business decisions. insight. The ideal solution will automate key AP processes and integrate seamlessly with ERP systems and accounting software to share accurate, up-to-date data across the organization.
Manual accounts payable (AP) processes are slow and inaccurate
Many companies use a combination of paper-based accounts payable management methods and digital solutions to process invoices and payments. This is largely a manual process unless automated. Relying on manual tasks such as data entry, invoice coding, invoice-purchase order-receipt matching, and approvals slows down processing and increases the risk of errors and fraud.
As invoice volumes increase, these problems become worse, especially if the accounts payable team is constrained by complex and difficult-to-use ERP systems like SAP.
An interesting fact from APQC – the American Productivity and Quality Center: Companies using manual AP workflows process just 6,082 invoices per year/employee, compared to the industry average of 10,853 invoices per year/employee. Companies using next-generation AP automation process an average of 20,964 invoices per year/employee.
According to APQC, advanced AP automation is what makes the difference. “Automated invoicing solutions and related technologies are easier to use now than they were a few years ago. Today’s data reflects the benefits many organizations are achieving through the adoption and deployment of those technologies.”
Poor data leads to bad decisions
Using manual processes to process invoices and update data in enterprise systems creates inaccurate data and is often delayed. To make informed business decisions, enforce internal controls, confirm the effectiveness of controls, maintain complete audit histories, or detect and mitigate fraud or errors, Businesses need good and timely data.
Fast Facts: In a survey of executives and ERP professionals conducted by Dimension Research and Fivetran, 99% businesses said they had difficulty accessing information in their ERP systems, 82% reported. making decisions based on inaccurate data, and 85% says that poor data leads to business decisions that cause revenue loss.
Face the challenge with an SAP-integrated AP automation solution
SAP, like many ERP systems, has a menu structure and workflows that can limit the ability of accounts payable (AP) teams to make informed decisions. SAP controls user access through “roles” — which makes sense from a senior management perspective, but limits AP staff’s access to the data, resources, and stakeholders they need to process invoices effectively.
As a result, finance departments often need to create tailor-made views in SAP to provide the reporting and insights AP teams need in their day-to-day operations.
Third-party integration solutions, like Bizzi, address these challenges by optimizing AP process efficiency while simplifying workflow and data sharing. However, automation is only half the battle. To get the most out of an integrated AP automation solution for SAP, you need a seamless SAP integration solution that delivers maximum benefits to your business with minimal change to existing IT infrastructure and processes.
Let's explore the solutions Integrate AP and ERP system work together to benefit your business.
Optimize accounts payable with SAP integration
Businesses use SAP because it is a powerful and highly customizable business tool. However, that power comes at a price – SAP is notoriously complex and difficult to use. Integrating a third-party AP automation solution with SAP allows your accounts payable (AP) department to access and share data, take advantage of flexible workflows, and communicate easily with stakeholders.
The ideal integrated solution will free the AP department from confusing complexity, overwhelming paperwork, and tedious manual processes; From there they can focus on strategic, high-value tasks.
Here are the key benefits that AP integration can bring to your business:
Integrate and deploy quickly
Businesses can quickly deploy and integrate cloud-based accounts payable management solutions into SAP with minimal IT involvement or changes to existing processes and the SAP environment their.
Bizzi is the fastest AP integration solution for SAP. Bizzi's pre-built SAP integration modules can be deployed quickly, without changing existing AP processes. Bizzi provides ongoing support during implementation to ensure a smooth process, while also leveraging your existing protocols to ensure seamless integration.
Simplify invoice processing process
Modern AP solutions leverage AI and OCR technology to streamline manual invoice processing processes such as manual data entry and coding, thereby significantly improving the speed and efficiency of invoice management . Faster processes help businesses pay on time, avoid late fees and improve cash flow.
Real-time invoice reconciliation
The AP platform synchronizes invoices, purchase orders (POs), and warehouse receipts (GRs) with SAP to enable accurate three-way reconciliation in real time. If the system detects an error, the AP will be notified automatically.
Data security and integrity
AP solutions protect master data, master records, payment information and invoices, while ensuring your SAP ERP system is the single source of truth for your customers. business deals.
Integrated payment processing
AP solutions consolidate disparate payment processing processes into a single platform, simplifying supplier payments, syncing bank account information, selecting payment methods, and Check approval status. Improved payment processing means reduced late payments and penalty fees, ensuring better cash flow.
Relationships with suppliers are improved
Integrating your AP platform with your procurement and supply chain ERP modules allows you to track groups of supplier accounts and share supplier data and communications across the entire P2P (Procure to Pay) process. Better data and communication helps your business pay suppliers on time, ensure purchasing staff have access to up-to-date pricing and discount information, and keep suppliers in the loop.
Scalability for growth
Manual accounts payable management processes are not easily scalable, which can be a challenge as the business grows and incurs additional costs. AP platforms can scale and adapt as invoice volume and complexity increase, so payables don't become a barrier to business growth.
Bizzi: AP payables management solution top for SAP
How integrating solutions into ERP systems can increase productivity and create strategic value. The key is to find an AP automation solution that delivers the best ROI and integrates SAP seamlessly.
Bizzi is specifically designed for accounts payable management. The solution simplifies the process and provides everything AP teams need to know in a single, simple interface. By combining AP department information, Bizzi helps businesses make informed decisions, streamline workflows and optimize working capital management.
Freeing AP resources from time-consuming manual tasks and delivering timely, accurate business data across the enterprise, Bizzi turns the AP department into the driving force behind business strategy.
With the companionship of units such as GS25, Guardian, NKID, Colgate,… have demonstrated Bizzi's effectiveness in helping businesses optimize payables, access accurate and timely business data along with ERP systems.
Contact our team today to sign up for a free trial and discover how Bizzi can help you get the most out of SAP for accounts payable management.